Intu confirms it's considering takeover offer
Shopping centre owner Intu has revealed it has been approached by a consortium comprising the Peel Group, the Olayan Group and Brookfield Property Group about a possible takeover that would value the business at £2.9bn.
The consortium first made an indicative proposal of 205p per share in cash on 4 October, and revised the offer to 215p per share on 17 October.
Led by billionaire John Whittaker, who is also Intu’s deputy chairman, the consortium has been granted access to company documents “in order to advance discussions”, it said in a statement on Friday.
The owner of shopping malls such as Intu Lakeside and Intu Metrocentre was recently hit by news that its CEO David Fischel is stepping down. It follows months of uncertainty at the company after rival Hammerson decided to abandoned a £3.4bn planned takeover amid concerns about the retail property market.
Shares in Intu grew by 13% on Thursday after the company announced it is considering the consortium’s offer.
Peel Group, owned by John Whittaker, already owns 27% of Intu, whole Olayan owns 2.6%.
Intu’s shopping centre portfolio includes Merry Hill, Intu Milton Keynes, Victoria Centre, Manchester Arndale and St. David’s.
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